Looking back at things and most important is the TIMELINE of the finance deal here is what IMO took place.
1st and foremost, Patriot has sued Keystone for breach of contract which imo will result in a settlement 100% because keystone has no defense and it's a clear cut case. I pulled up the doc's and saw the complaint filed by the company.
Here is the timeline that took place based on the SEC doc's.
PCX has notes that are due in 2013, about 1yr from now. They know and so does the industry know that the coal industry was hit hard because of the WARM winter, They need to buy them self's time so the sector can once again pick it's self up. them knowing that if they can get a refi deal done the company can survive at least a few more yrs and get thru the tough times they have been facing.
The banks start the process and issue the commitment letter with all the terms they want the company to meet.
Everything is going good with the refi deal until keystone stops buying coal.
Company refi deal might have hit a snag when keystone stopped buying.
I bet the banks wanted a new CEO in place to lead the company out of the whole.
They bring in a top notch CEO whose has extensive knowledge of the industry and also has ties with china markets.
PCX sues keystone
PCX fires there old CFO and put's in someone that not only is very good at what he does but also has extensive knowledge of the china market.
I really think the banks wanted a new CEO in place, someone they know can get the job done and turn things around.
If the company was going BK they would not have shuffled around their top positions at the company.
Now we wait for news regarding the refi has been done.
Everything I post is based on my opinion only. Do not buy or sell based on anything I post. Do your own DD.
